Peet’s primary business objective is to buy land ahead of market cycles.

Property companies with exposure to Victoria have enjoyed the relative stability of the state’s property market during the past few volatile years, but West Australian property had further to fall after a hot run in the lead-up to the financial crisis. The bulk of Peet’s land bank is in WA and Victoria, though there is a sizeable exposure to Queensland.

“Queensland has been the slowest of Peet’s major markets to show signs of recovery," Mr Gore said.

“However, with underlying demand and a high rate of forecast population growth, Peet expects improved results from its Queensland operations in the year ahead."